PESION PLANS

Question 1

pension plans
what does it provide?

Answer 1

retirement income

Question 2

OAS (Old age security)

Answer 2

-after age 65-max delay 70yrs old
-have to be in Canada min. 10 yrs
-delay 5 yr = 36% increase
-taxable

Question 3

CPP (Canada pension plan)

Answer 3

-minimum age 60yrs old max age 70yrs old
-taxable
-max increase 42%

Question 4

RRSP (registered retirement savings plan)

Answer 4

-Taxable
-can contribute until age 71
-lowers tax bracket
-limit: 18% of last yrs income
-one time contribution of up to 2000$